Egypt is planning to offer silver licenses for startup companies before the end of 2023, said Hossam Heiba, the CEO of the General Authority for Investment and Free Zones (GAFI), on Sunday.

Heiba explained that the silver licenses will facilitate the entry of startups into the market, allowing investors to begin their activities without complicated procedures.

Financing by companies increased by around seven percent in the first half of 2023 on a year-on-year basis, he added during an interview with Ashraq Business.

During the current fiscal year 2023/24, the Egyptian government expects to attract $12 billion in foreign direct investments, Heiba stated earlier.

Over the past year, Egypt has taken various steps to meet businesses’ needs and attract more investments including the launch of the golden licenses.

Moreover, Egypt has reduced the documents required for new companies to prove their legitimacy and start operations by 62 percent, to encourage investment.

Ahram Online